MRQ - chart thread !, page-1278

Having a look at the setup at play here for MRQ

As identified by the Chairman on his video update with Peak, they will look to provide the market shortly some information in regards to the newly granted M & M tenements and their plans for early 2021. I think this will be a catalyst for the market to get involved. -

Daily - Short term
Price action continues to form up with the 1.2c level of resistance continuing to build up pressure.
15 day MA (red line) has bounced off the 200 day MA and back through the 30 day MA and is on track to meet the price in the next two days.

This will see one of two things occur, either the price action gets on with it, takes out 1.2c and moves higher or we fail the support at 1c and head back for a test of the 30 day and possibly the 200 day MA once more. My money is that the price action breaks through and heads higher off the back of the following indicators showing good form;
MACD trending nicely positive above the 0 control line, RSI heading back into the go zone and stochastics rolling back higher, with room to move before over bought signals are shown.

Have we also a reverse head and shoulders setup at play, with the right shoulder currently being put in? If this is the case, a measure move to 1.7c will be on the cards in the short term.



Weekly - medium term
We can see the significance of the 1.2c price level, once cleared will act as decent support. Both the 15w and 30w MA trending above the 200w MA, also a positive sign. MACD + stochastics both trending positive, also suggesting higher prices ahead with current momentum.

Only a matter of time.